U.S. President Donald Trump said on Tuesday auto tariffs will be around 25% and he will have more to share on the topic on April 2.
Trump has long pointed to what he calls unfair treatment of U.S. automotive exports in foreign markets.
The European Union, for instance, collects a 10% tariff on vehicle imports, four times the U.S. passenger car tariff rate of 2.5%. The U.S., though, collects a 25% tariff on highly profitable imported pickup trucks.
Trump on Tuesday also said sectoral tariffs on pharmaceuticals and semiconductor chips would also likely start at 25% in April, with at least some rising afterwards over the course of a year.
Since his inauguration, Trump has imposed a 10% tariff on all imports from China, on top of existing levies. He also announced, and then delayed for a month, 25% tariffs on goods from Mexico and non-energy imports from Canada.
He has also set a March 12 start date for 25% tariffs on all imported steel and aluminum. Last week, he directed his economic team to devise plans for reciprocal tariffs on every country that taxes U.S. imports.
